Statistics Office: Serbia’s GDP growth in 2024 at 3.9%

In 2024 gross fixed capital formation, measured by real growth rates, recorded growth of 9.2 percent compared to 2023.

Agricultural production saw an 8.8 percent decline in physical volume in 2024, while industrial production grew by 3 percent and manufacturing increased by 4.4 percent.

According to RZS data, the value of construction works rose by a real 8.6 percent on the year in 2024, retail trade turnover posted a real growth of 5.9 percent, while wholesale trade turnover increased by five percent in nominal terms.

When 2024 is related to 2023, external trade in goods expressed in euros indicated growth of exports by 1.7 percent and growth of imports by 5.6 percent, said the RZS.

In the accommodation and food services sector, a real growth rate of 8.3 percent is projected for the hospitality industry in 2024, with the number of tourist overnight stays increasing by 1.4 percent.

According to Labor Force Survey results, the employment rate in the third quarter of 2024 stands at 51.9 percent, while the unemployment rate is at 8.1 percent.

Average net salaries were nominally 14.2 percent higher in 2024 compared to the previous year and increased by 9.2 percent in real terms.

The estimated annual inflation rate is 4.3 percent.